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Consider the difference between the annual interest rate and the effective interest rate. If the bank compounds interest once per year then Consider the difference

Consider the difference between the annual interest rate and the effective interest rate. If the bank compounds interest once per year then Consider the difference between the annual interest rate and the effective interest rate. If the bank compounds interest once per year then

  1. the two interest rates are the same.

2. the annual interest rate is larger.

3.the effective interest rate is larger.

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